PAC orders audit of State Life Insurance Corporation after insurance fraud comes to light

The Public Accounts Committee has ordered an audit of the State Life Insurance Corporation of Pakistan after it was informed that fake insurance agents have caused a loss of nearly Rs5 billion to the national exchequer.

These agents were registered with the State Life Insurance Corporation of Pakistan, revealed Federal Trade Secretary Younus Dagha.

The agents were paid a commission of nearly Rs5 billion, Dagha informed the Public Accounts Committee on Monday.

Public Accounts Committee Chairperson Shehbaz Sharif has ordered an audit of the company.

Fake agents. Area manager then wife is sales Manager (while staying in home) then brother is sales Officer (while doing another work) then sales representative is sister (actually staying at home). This is a fact. One new proposal by AM and all channel is dummy and enjoying commission and medical and other facilities at staying home. Further Sector Heads are also useless. By saving these leakages and amount State Life can pay market oriented salaries to their employees.